Member Info for JSB1989

Thanks dallo. Wow that’s much quicker than I expected. Plenty of news flow in the coming weeks then with results, IPO and Celea financing due.

Pre IPO, there are 38.8 million shares to which Puretech own 35.1%. That equates to 13.6 million shares. With the raise of $200 million at $17 per share, there will be 50.6 million shares. Without Puretech contributing anything to the IPO, they will be diluted to 26.8% of Seaport worth $231 million (at the midpoint IPO price of $17).

Someone please tear me apart if I’ve got these numbers completely wrong.

Great calculations golfnut. Puretech have the option with royalties to monetised earlier, as was the case in Karuna, to derisk any P3 failures.

The IPO looks to be gathering pace. Anyone have a guess on the float date?

Phase 2b readout for GlyphAllo expected 1H2027.

The pre IPO cash to take Seaport through to Phase 2b readout and GlyphAgo 2a readout.

IPO proceeds to initiate P3 trial and take GlyphAgo through 2b readout.

I was impressed to see P2 readout in GlyphAllo due within a year.

Https://www.retailroadshow.com/api/v1/nrsservice/retailroadshow/shows/1966634/documents/1436891?linkcode=SPTX

Golfnut - Thank you for working that out for us. So Puretech are likely to have a £185 million stake in Seaport on initial IPO plus the cash in the bank and all other remaining assets. I would expect cash to be around $250 million (£185 million) so that’s £370 alone in cash and Seaport which equates to £1.50 per share.

Interesting that Tang has only just decided to add further after the initial stakes taken in September last year. Glad that he can see the value on offer and hope he continues to increase pressure on the board by advancing toward 10%.

I think I may be a jinx here. Buy at 132p and down 10p in my first week back.

Agreed Theta. LYT 200 is still an early development in the pipeline and won’t move the dial as much.

Celea funding is key for Puretech to ensure that they retain a meaningful stake, royalties (which could be monetised prior to a P3 readout) and some cash to extend the financial runway. The clinical trials website indicates a start date of April 2026 and finish of 2029 for the trial. The trial design looks complete and just requires the finances to begin. 1100 patients over a three year span will require significant capital.

The $200 million is conservative. All depends on the dilution and demand for stock.

Dallo - I wouldn’t read into the Nasdaq SP especially with the thin volumes traded on there.

Disappointing reaction towards the end of the day and that’s the Puretech I remember. You would hope that the Seaport IPO will really move the dial as it concretes an NAV to Puretech whereas Gallop, Celea and even Cobenfy royalties (to some extent) are unable to do.

If cash is $250 million and the Seaport stake is worth $200 million on IPO, then the rest is thrown in for free.

Thank you Dallo. You have the patience of a saint and I hope that you are rewarded for it.

Great to see the Gallop results were very positive and will be moving into a P2. I’d expect that will be fully spun out in the coming months before the P2 planning has been finalised.

I sold up my position which was the largest in my portfolio back in October after holding for three years due to the frustrations with lack of company activity and any meaningful share price appreciation.

Over the last couple of days, I’ve started adding again. The Seaport IPO has really piqued my interest. Daphne has done a great job in building interest since the spin out two years ago and I think we’ll see a valuation between $500 million and $1 billion. That’s serious money for Puretech.

I’m hopeful that as Celea and Gallop are approaching major catalysts, this could be the moment for a re rate of the company. It has been wildly undervalued for years. I just hope I’ve timed it right this time, unlike my previous entry and hold.

There are a couple of US based Fintwit guys with decent following starting to talk. If this spreads further to the likes of Serenity(RPI and IQE), it will go nuts!

£75 million in this space is peanuts. If this was US listed it would and absolutely should be multiples.

This could go like IQE did. Under the radar and the US listing will bring some real interest.

Dropping 30% on squeezed margins is crazy.

22 million left on the buyback will purchase 7.3 million shares at £3 leaving 85 million shares and a £270 million cap.

They have confirmed £100 million free cash flow per annum which will hopefully be a mix of buybacks, dividend and paying debt. Further bolt on acquisitions should be left alone at the moment.

Hopefully that’s it for the negativity and existing holders have the opportunity to average down significantly.

Sucks SG but at least you aren’t stuck out there if tensions are to get worse.

Hard to say how the market reacts on opening. Crypto hasn’t crashed over the weekend. BTC and ETH up 3-5%. The market acts in mysterious ways sometimes.

Debrug - 123p is for FY25 and I think it’s 132p guidance for FY26.

I don’t know if that’s the reason for a short attack but I’m clutching at straws as to why they have been so heavily targeted as the company have a very healthy balance sheet and revenue isn’t declining rapidly.

Or should I say the rationale behind the recent shorting attack.

I wonder if the potential of exclusion from the FTSE 250 is suppressing the share price at the moment?

Virtually all other stocks that were hit on the Anthropic AI tool have recovered. LSEG and RELX bounced 25% off the lows, MONY almost as much and FUTR only 3%. Should be near 500p if the recovery had been equal.

Unfortunately some very cheap UK stocks taking a battering at the moment and Future is the cheapest that I can see. As Target Practice says, these times present opportunities. It just sucks when you have an average much higher and no powder left to average down.